苯乙烯日报：纯苯港口库存延续盘整-20250415

Report Industry Investment Rating - Not provided Core Viewpoints - The spread between US and South Korean pure benzene is at a low level, and the pressure of South Korean pure benzene being shipped to China persists. The decline in downstream开工 in China has dragged down the demand for pure benzene. The maintenance periods of caprolactam, aniline, and styrene may affect downstream提货, and the processing fee of pure benzene remains weak [2]. - With an increase in maintenance, the port inventory of styrene continues to decline, and the processing profit of styrene has rebounded. In the short - term, it also reflects concerns about the shutdown of styrene plants cracking US ethane due to high tariffs. In the medium - term (May), as the styrene开工 rises, there is pressure for the production profit to decline again. The price fluctuations are mainly driven by tariff policies, which are still unclear [2]. - The strategy is to conduct cautious short - selling hedging [3]. Summary by Directory EB& Pure Phenyl Difference Structure and Related Spreads - EB主力合约走势&基差, EB主力合约基差, 苯乙烯连一合约 - 连三合约价差, 苯乙烯非一体化装置生产利润, 苯乙烯即期进口利润, 华东纯苯现货 - M2纸货价差, 纯苯CFR中国 - 石脑油价差, 纯苯FOB美湾 - 纯苯FOB韩国, 中国纯苯即期进口利润 are presented in relevant figures, and the data sources are from Flush and Huatai Futures Research Institute [5][6][9][10][14][17] EB& Pure Benzene Start - up and Inventory - Figures show the pure benzene East China port inventory, pure benzene start - up rate, styrene East China port inventory, styrene start - up rate, styrene East China commercial inventory, and styrene factory inventory, with data from Flush and Huatai Futures Research Institute [5][22][24][27] Downstream Start - up and Production Profit - Figures display the EPS start - up rate, EPS production profit, PS start - up rate, PS production profit, ABS start - up rate, and ABS production profit, sourced from Flush and Huatai Futures Research Institute [5][36][41][43] Pure Benzene Downstream Production Profit - Figures present the production gross profit of caprolactam, phenol - ketone, aniline, adipic acid, PA6 regular spinning bright, nylon filament, bisphenol A, PC, epoxy resin E - 51, pure MDI, and polymer MDI, with data from Flush and Huatai Futures Research Institute [5][48][53][55][58][61][66]